OPEC+ heads for deep supply cuts, clash with U.S.
VIENNA/LONDON – OPEC+ looks set for deep oil output cuts when it meets on Wednesday, curbing supply in an already tight market despite pressure from the United States and other consuming countries to pump more. The potential OPEC+ cut could spur a recovery in oil prices that have dropped to about $90 from $120 three […]
Saudi: Al Babtain Food unveils final offering price for Nomu listing
Abdulaziz & Mansour Ibrahim Albabtain Company (Al Babtain Food) set the final price of its offering on the Parallel Market (Nomu) of the Saudi Exchange (Tadawul) at SAR 77 per share. Yaqeen Capital, the financial advisor and lead manager for the offering, noted that the firm concluded the book-building process, which was oversubscribed […]
Saudi Arabia agrees ‘memorandum of cooperation’ with Britain in energy sector – SPA
Saudi Arabia’s cabinet agreed on Tuesday on “a memorandum of cooperation” with Britain in the energy sector, Saudi state news agency SPA reported citing a cabinet statement. There were no further details mentioned in the statement. Reuters News
Saudia celebrates 70 years of flying to Bahrain
Saudi Arabian Airlines (Saudia), the national flag carrier of Saudi Arabia, has celebrated 70 years of flying to Bahrain. Saudia launched services to Bahrain International Airport in 1952, and today operates an average of three flights a day to the Saudi cities of Jeddah and Riyadh. Commemorating the platinum anniversary, Saudia operated special flights from […]
SABB Takaful pens $4.53mln deal with Al Olayan Group
SABB Takaful Company inked a SAR 17.31 million contract with Al Olayan Group on 30 September 2022 for general insurance programmes. The value of the contract represents more than 1% of the Saudi listed firm’s revenues in 2021, according to a recent bourse filing. SABB Takaful noted that the deal will reflect on its […]
Albilad Capital to distribute dividends for Sukuk Fund’s unitholders
Albilad Capital announced cash dividends worth SAR 409,146 to the unitholders of Albilad Saudi Sovereign Sukuk ETF for September 2022, according to a bourse disclosure. The company will pay out SAR 0.029 per unit, which represents 0.33% of the net assets value as of 2 October 2022, for 14.10 million eligible units. The […]
Saudi: Bahri partners with GASCO to establish logistics firm
National Shipping Company of Saudi Arabia (Bahri) signed a non-binding memorandum of understanding (MoU) with National Gas and Industrialization Company (GASCO) on 3 October 2022 to set up a new business. Under the 12-month agreement, the two parties will team up to develop a company that operates in land transportation and logistics services, […]
Saudi’s Northern Region Cement announces $12mln dividends for H1-22
The board of Northern Region Cement Company greenlighted cash dividends distribution worth SAR 45 million for the first half (H1) of 2022, according to a bourse filing. The Tadawul-listed firm will pay out a dividend of SAR 0.25 per share, representing 2.50% of the share nominal value, for 180 million eligible shares. The eligibility […]
Bahrain’s Investcorp acquires major stake in NourNet
Bahrain – An entity managed by Investcorp has acquired a majority stake in Nour Internet for Communication and Information Technology Company (NourNet), one of Saudi Arabia’s largest pure-play providers of connectivity and information and communication technology (ICT) services. NourNet was established in 1998 in Saudi Arabia as a wholly-owned subsidiary of Nour Communications. Begun as […]
MAWANI, Tabadul sign MoU to develop new Saudi ports management systems
The Saudi Ports Authority (MAWANI) and Saudi Company for Exchanging Digital Information (Tabadul) today signed a memorandum of understanding (MoU) with the aim of developing new Saudi ports management systems as part of their endeavors to lead the change of the future of commercial movement and guarantee competitiveness and realizing sustainable growth at […]